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Updated over 11 years ago on . Most recent reply
Thinking about investing in a trailer park. Advice?
I am 18 years old and have about 7.5k in the bank currently, and have only been saving for less than six months now. I live with my parents and will be able to do so likely indefinately to continue saving. I have looked it up out of curiosity and found that decent sized trailer parks could be had for pretty seemingly low prices, like under 200k for ~15 lots in some cases. I also read that it can be a very profitable niche real estate market. I figure if I save for a little while more I could put a down payment on one and make a sizeable income from renters. The issue is how I will go about securing the loan. I have had a credit card for a few months and have been paying it off in full every month to build credit, but would this be sufficient enough for a loan? I drive a car that my father owns but I will probably end up buying it... I was thinking I should pay cash but maybe I should take out an installment loan on it and just pay it off almost immediately instead in the interest of gaining more credit. Sorry if this seems like rambling I just want to know how well I fare at this.